Mercer International Inc. (MERC) Q4 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:04.998 Good morning, and welcome to Mercer International's fourth quarter 2025 earnings conference 00:00:04.998 -- 00:00:10.446 call. On the call today is Juan Carlos Bueno, President and Chief Executive Officer 00:00:10.446 -- 00:00:14.452 of Mercer International, and Richard Short, CFO and Secretary. 00:00:14.452 -- 00:00:17.714 I will now hand the call over to Richard Short. 00:00:17.777 -- 00:00:22.083 Thanks, Shannon. Good morning, everyone. Thanks for joining us today. 00:00:22.083 -- 00:00:25.828 I will begin by touching on the financial and operating highlights of the fourth quarter 00:00:25.828 -- 00:00:29.532 before turning the call to Juan Carlos to provide further color into the markets our 00:00:29.532 -- 00:00:33.074 operations, and our strategic initiatives. 00:00:33.096 -- 00:00:36.861 Also, for those of you that have joined today's call by telephone, there is presentation 00:00:36.861 -- 00:00:40.965 material that we have attached to the investor section of our website. 00:00:40.965 -- 00:00:44.589 But before turning to our results, I would like to remind you that we will make forward-looking 00:00:44.589 -- 00:00:47.233 statements in this morning's conference call. 00:00:47.233 -- 00:00:51.838 According to the safe harbor provisions of the Private Securities Litigation Reform Act 00:00:51.838 -- 00:00:56.403 of 1995, I'd like to call your attention to the risks related to these statements, which 00:00:56.403 -- 00:01:00.391 are more fully described in our press release and in the company's filings with the Securities 00:01:00.391 -- 00:01:02.912 and Exchange Commission. 00:01:03.174 -- 00:01:08.180 Our operating EBITDA for the fourth quarter was negative $20 million, up $8 million when 00:01:08.180 -- 00:01:12.806 compar...